Growth is slowing: The latest numbers from Kors have failed to quiet concerns that the company's brand is overexposed, especially in North America. Sales, while impressive, are cooling, and there is more pressure to markdown merchandise.

While North American same-store sales soared almost 19% last quarter, that represents a slowdown from about 25% the year before.

"The headline number is impressive, but we never like to see those decelerating trends," said Snyder, who has a "hold" rating on Kors.

The other big worry is that the Kors retail apparatus is not as profitable as it once was. Kors executives warned margins will continue to fall.